According to the new market research report "Internet of Things (IoT) Security Market by Type (Network, Endpoint, Application and Cloud Security), Solution (Identity Access Management, Device Authentication and Management, Security Analytics, and IDS/IPS), Service, Application Area, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 6.62 Billion in 2017 to USD 29.02 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 34.4%.

This report covers major IoT security types, such as network security, endpoint security, application security, cloud security, and others. Increasing ransomware attacks on IoT systems, securing ubiquitous environment, and increasing need for data centric security are the major drivers for the growth of IoT Security Market.

Network security is expected to hold the largest market share in the IoT Security Market

Network security is one of the most important aspects when it comes to the security of IoT ecosystem. Wireless communication is carried out with the help of various secure protocols such as LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC. Technologies such as Bluetooth Low Energy, IEEE 802.15.4, and IEEE 802.11ah plays a significant role in IoT connectivity. These networking technologies are more susceptible for the cyber-attacks and hence it holds the largest market share during the forecast period.

Smart manufacturing is expected to dominate in the application areas during the forecast period

With the advent of smart devices and advanced data analytics techniques, manufacturing enterprises have been deploying the IoT-enabled sub-systems at a significant scale. Manufacturing companies have been integrally focusing toward enhancing their business process efficiency and production output with optimum resource utilization. Smart manufacturing has been at the forefront in introducing transparency, scalability, and process defined architecture in manufacturing operations. Also, various initiatives such as Industry 4.0, implemented by countries such as Germany and Japan are driving the adoption of smart manufacturing initiatives.

North America is expected to hold the largest market share in the IoT Security Market

As per the geographic analysis, North America is the largest region in the IoT Security Market. Countries, such as the US and Canada are the major growth drivers of the region due to early adoption of IoT technologies in various application areas such as healthcare, smart manufacturing. The strong financial position of North America allows these countries to invest heavily in leading IoT-enabled devices and solutions/services.

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